First United Q4 2023 GAAP EPS $0.26 (vs $1.04); net income $15.1M for year vs $25.0M

FIRST UNITED CORP/MD/

2023-FY EPS reported $2.25 revenue$16,670,000

Net income Q4 2023: $1.8M GAAP ($0.26 diluted) vs $7.0M ($1.04) in Q4 2022; non-GAAP $5.5M ($0.82).
Full-year 2023 net income $15.1M GAAP ($2.24 diluted) vs $25.0M ($3.76) in 2022; non-GAAP $18.8M.
Restructured balance sheet: sold $20.4M AFS securities at $4.2M pretax loss to reinvest in loans yielding ~7.85%.
Net interest margin (FTE) fell to 3.13% in Q4 2023 from 3.63% a year ago; full-year NIM 3.26% vs 3.56%.
Closing four branches in Feb 2024; incurred $0.5M after-tax accelerated depreciation and lease termination costs.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST UNITED CORP/MD/ reported three- and twelve-month periods ended December 31, 2023 results: net income consolidated net income was $15.1 million, EPS $2.25 per basic share and $2.24 per diluted share.

Period: three- and twelve-month periods ended December 31, 2023
Net income: consolidated net income was $15.1 million
EPS: $2.25 per basic share and $2.24 per diluted share
Result: reported results

Exact text from the filing

On February 5, 2024, First United Corporation (the "Corporation") issued a press release describing its financial results for the three- and twelve-month periods ended December 31, 2023.

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FIRST UNITED CORP/MD/ filing history →

Source: SEC EDGAR

accession 0001104659-24-010653

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